Avoiding Misuse of Assets in your Organization

misuse of assets

Recently, you just received a bill for some tangible assets that are being used in your business. You went through the list and found out that some of these items are believed to be inactive, a long time ago. You might be wondering if those assets are still active, who is using them and in which location.

Have you ever thought about retrieving the printer that was allotted to the quality control department?

How about the flatbed truck at logistics?

And where's the water tanker allotted to one of your manufacturing units?

You don't have to ponder about these unanswered questions if you use a good asset tracking & management system.

Misplacement of an Asset could Cost your Business

A company deploys a certain number of assets like vehicles, machinery, and equipment for its business purpose. These properties are frequently used by the employees of the organization under the supervision.

The assets would be checked in and checked out by the asset management department in a register at the time of allotment to a certain person. But there are circumstances where register entry of a specific asset is mistakenly missed out or forgotten.

Also Read: How Self-Audits Can Ease Asset Physical Verification

Such an occasion may lead to misuse of assets or loss of property. In the course of time, these assets may become unusable, malfunction, or decapitated due to overuse. In the meantime, the company is still paying bills for these assets.

There may be other cases where the specific asset is being used by certain people and the company has no clue about it. If a  “missing” asset falls into the wrong hands, the consequences could victimize the company or the asset owner who provided the property.

Supervise your Workstations with Asset Tracking Software

Asset tracking can help locate your assets so that you can maintain a flawless operation of your business at your workstations. Asset Infinity, an online asset application has a compelling portal where you can code the assets and track their movement.

This Computerized Maintenance Management System (CMMS) allows you to identify the specific asset and its current condition. By using Asset Infinity app, you can automatically or manually generate asset codes and tag the fixed assets.

You can define them with prefixes, categories, location, running numbers, brand, model, and serial number. With this maintenance management software, you can attach asset image and documents like purchase information, invoices, purchase orders, warranty, and insurance.

All the assets can be marked under status and conditions. When the assets are being allocated, you will know which asset is kept where and in whose possession.

Recommend To Read: How Asset Management Saves Money Via Capital Asset Depreciation?

Share Assets Info With Business Partners Using EAM Software

Asset maintenance management software has dominance over paper-based management. On Asset Infinity software, all the data are registered in a digital entry. This software allows you to create unlimited numbers of users on a secure cloud-based platform.

You can add and manage admins and employees by using a management system. With this user sharing facility, different departments in your business will know the status of the specific asset.

Asset Infinity app is available for desktop, tablet, and mobile phone. You can download the app to any of these devices as per your preference.

You can link all the assets together to create a group of assets. These linked assets will move together at the time of check-in or check-out and eventually through the discard process.

Stay alert with Asset Infinity Asset Tracking Software

With asset tracking software, you can have all the information about your asset in your app. You will no longer stay in the dark. With Asset Infinity, you are allotted with many features you can create your own asset status and classify them into several positions like allotted, unallocated or discarded.

Under  “allotted”, the status can be  “in use” or  “out of repair”.   “Unallocated” can be  “in stock” or  “installed - not for use”.  “Discarded” can be  “sold”,  “lost”, or  “stolen”.

With Asset Infinity, you can add information about the asset ownership. You can define whether the specific assets are owned by your organization or by a partner (vendor or customer). You can get the status of these assets when you have them on rent or lease.

You will know the depreciation of the assets from its purchase details and quality which are recorded in your asset tracking app. You can manage the asset conditions like working, not working, good, new, damaged, or old.

Also Read: 5 Detailed Reports Expected from Asset Management Software

Wrap Up

Asset Infinity is the leading asset management software and app provider. It enables you to track your assets using Barcode tagging, QR code tagging, RFID tags tracking, NFC tags tracking.

There are more features such as Auditing of your assets & Physical verification, Maintenance management, Utility Monitoring, and report on the equipment you can use from anywhere, at any time. Asset Infinity offers a free 14-day trial - no credit card required!

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